Hesteel announces board changes, assures stable operations

Hesteel Company Limited has announced changes to its board of directors, with Mr. Han Jian and Mr. Wang Baowei elected as directors for the Sixth Board of Directors. These appointments followed nominations approved by the board on November 11, 2025, and subsequent shareholder approval on November 26, 2025. This transition is described by Hesteel as a normal operational adjustment that will not materially affect the company's daily management, production, operations, or debt repayment capabilities.

Several bond trustees, including Everbright Securities, Huatai United Securities, CITIC Securities, and China Securities, have issued interim entrusted management reports confirming these changes. Everbright Securities manages bonds such as "23HBIS02" (10.00 bn yuan), "24 HBIS Y1" (7.00 bn yuan), "24 HBIS Y2" (8.00 bn yuan), "25 HBIS Y1" (10.00 bn yuan), and "25 HBIS Y2" (15.00 bn yuan). Huatai United Securities is the trustee for "23HBIS01," "24 HBIS Y3," and "24 HBIS Y4," while CITIC Securities handles "25 HBIS KY1" (with a value of 5.00 bn yuan, as referenced in the China Securities interim report). China Securities acts as the trustee for "24HBIS01" (5.00 bn yuan).

All trustees have affirmed their commitment to closely monitor Hesteel's bond principal and interest payments and other significant matters impacting bondholders. Investors are advised to make independent judgments regarding these developments, as the reports do not constitute investment recommendations.